Leading property developer Emaar has registered a revenue of Dh11.47 billion ($3.12 billion) for the first half of the year, up 46 per cent compared to Dh7.86 billion ($2.14 billion) last year led by strong construction progress and growth in its malls business.

Announcing the results for the first six months, Emaar said its net profit grew by 18 per cent to Dh3.34 billion ($910 million), prior to considering the effect of the IPO of Emaar Development, compared to the net profit of Dh2.837 billion ($772 million) during the same period in 2017.

The net profit for the first half after considering the impact of Emaar Development IPO in 2017 was seen at Dh2.981 billion ($812 million), an increase of five per cent over same period last year, it added.

On its other key subsidiaries, the Dubai developer said its build-to-sell property development business Emaar Development recorded impressive sales of residential properties in the UAE, valued at Dh6.23 billion ($1.69 billion) during the first six months of the year, highlighting strong investor appeal for Emaar Development’s projects.

The total sales backlog of Emaar Development is Dh38.502 billion ($10.482 billion) to be recognised as revenue in the coming years, underpinning the strong long-term fundamentals of the company, said the company in a statement.

Emaar’s malls, hospitality, leisure and entertainment businesses recorded revenue of Dh3.536 billion ($963 million), 17 per cent higher than the same period in 2017 at Dh3.016 billion ($821 million), which represents 31 per cent of the total revenue.

On its second quarter results, Emaar said its revenue for the April to June 2018 period stood at Dh5.88 billion ($1.6 billion), 55 per cent higher than last year's revenue of Dh3.79 billion ($1.03 billion). Net profit for Q2 also grew by 16 per cent to Dh1.679 billion ($457 million), prior to effect of Emaar Development’s IPO.

Net profit after considering Emaar Development IPO was Dh1.480 billion ($403 million), 2 per cent higher than the Q2 2017 net profit of Dh1.453 billion ($396 million), it added.

On the tremendous results, chairman Mohamed Alabbar, said: "The strong financial performance of the company during the half-year highlights the strength of Dubai’s economy and its appeal to international investors and tourists."

"While our property business recorded positive growth with several new residential destinations launched in Dubai, our malls, hospitality, leisure and entertainment business benefited from the increase in tourist arrivals and boost in domestic spending. Our focus continues to be on creating premium real estate assets and strengthening the competencies of our malls and hospitality business to add value to our stakeholders," stated Alabbar.

"In the property business, Emaar has launched several residential projects in Dubai Creek Harbour, Dubai Hills Estate, Downtown Dubai and Emaar South, as well as the unveiled Emaar Beachfront, a private island destination. The launches recorded strong interest from international investors underlining Emaar’s reputation for superior design, build quality and timely delivery," he added.-TradeArabia News Service